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A single-day event held by Raine & Horne saw 12 high-calibre commercial properties go under the hammer.
On the last day of November, real estate brand Raine & Horne hosted its first-ever National Auction Event.
The event, which garnered 600 viewers in auction rooms and online, generated over $40 million in total sales from 12 commercial properties, four of which were sold in advance of the auction.
The auction reportedly encompassed a wide range of asset types, from office spaces to retail units, medical suites to fast food. Of the 18 properties that went under the hammer, two-thirds were successfully sold by the end of the day.
Chris Nicholl, general manager of Raine & Horne Commercial, shared that a diverse range of buyers took part in the National Auction Event, including “private clients, investors, self-managed super funds, developers and investment managers”.
The highlight sale of the day was 46 Anderson Road, Smeaton Grange, NSW – a 7,000-square metre block of E4 zoned in south-west Sydney. The property sold for $9.6 million at the auction, the highest sale price of any single property.
“The market is in transition and an event of this size can help our clients achieve excellent results by increasing the reach of each property while enhancing competition,” explained Mr Nicholl.
“By undertaking initiatives like this, we provide a national platform for our agents to market their vendors’ properties while still leveraging their invaluable local knowledge,” he added.
From the perspective of Raine & Horne’s agency principals, the National Auction Event was an effective way to attract a higher calibre of buyers for their commercial properties.
Joseph Grasso, director of Raine & Horne Commercial Brisbane Southside, had two properties go to auction at the event, and was pleased that it exposed them “to an increased number of eyeballs”.
“We were not looking just to cast a fishing line into the ocean and hoping to hook a fish,” he said. “With the National Auction Event, we want to throw a net and snag the best fish.”
Luke Smith, the director of Raine & Horne Commercial Inner West/South Sydney, was equally enthusiastic about the event, sharing that it “provided vendors and our agents with increased visibility and heightened competition”.
One of Mr Smith’s properties, an industrial development site in Campsie, sold for $7.27 million, while a prime development site in Marrickville sold for $3.88 million.
Mr Nicholl concluded: “Our ability to collaborate as an office network allows us to maximise the benefits of the auction method for our vendors.”
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